Today, at 4:00 (UTC 0), an unprecedented event unfolded in the crypto market. Almost 90% of cryptocurrencies witnessed a sharp decline in value, triggered by the aggressive stance of the U.S. Securities and Exchange Commission (SEC) towards cryptocurrencies, particularly BinanceUS.

Doesn’t this raise a question about the motives of those at the SEC? Are they manipulating the price by enforcing legislation that, in fact, isn’t wholly adapted for cryptocurrencies? They certainly knew the impact such news would have on the market, and how prices would spiral downwards. Potentially, this knowledge could have been used to create multiple short positions through proxy companies.

Political Interference in Crypto Markets

While on the surface, it seems that the SEC is protecting American citizens from fraud, is this really the case? There haven’t been any recorded instances of fraud or client fund mishandling from either Binance or Coinbase. Conversely, the SEC’s actions seem to primarily affect the U.S. citizens – contradicting the principles of democracy and freedom.

Are the American people not seeing how their own government is trying to control their financial freedom?

Following the latest news from the SEC, BinanceUS has been forced to suspend USD deposits and halt all USD withdrawals in USA. The last withdrawal date is June 13, 2023. Should we panic?

The Intrinsic Freedom of Cryptocurrencies

While the SEC can prohibit banks from working with crypto exchanges and restrict USD withdrawals, it cannot limit the inherent freedom of cryptocurrencies. Cryptocurrencies might be vulnerable to price manipulation in relation to USD, but they are impervious to total control.

Our advice to U.S. citizens is this: don’t sell your cryptocurrencies. It’s exactly what the SEC and the U.S. government want. They’ve fueled your fear, hoping you’ll panic, sell your crypto assets, and quickly convert everything into USD. This panic is causing prices to drop. Don’t fall for their manipulation! Hold your crypto assets. You can always transfer them to another exchange and convert them into USD. Why sell everything at the lowest price?

The Ripple Effect of SEC’s Action on Bitcoin

Many times, U.S. citizens have been subjected to panic created by government institutions and bankers. The same is happening now. But how significantly has this situation impacted Bitcoin? Despite numerous false news stories about Bitcoin’s death, it has only dropped by 3.5%, which is relatively insignificant for cryptocurrency.

Remember, BinanceUS users only constitute 3.57% of Binance Global users, which means that the U.S. accounts for only 13% of the global crypto market, with 8% being corporations and just 5% being private clients.

We, at CryptoUpdate.io, urge everyone to stay calm, avoid panic, resist manipulation, refrain from selling crypto assets for USD, and avoid withdrawing USD into bank accounts. Think about this, and let’s strive for financial freedom and freedom from underhand manipulation together. Cryptocurrency is the key to this!

The post SEC’s Aggressive Stance Triggers a Crypto Crash: A Deeper Analysis appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

After a wick down to under $18,000 at the weekend, bitcoin has now stabilized and is enjoying a rally, having recaptured the major support at around $19,500. The number one cryptocurrency is at $21,300 at the time of going to press.

After a two-week slump from around $32k, which also included a record-breaking 8 red daily candles in a row, bitcoin now appears to have gathered itself, and a bounce is currently taking place.

With much bearish sentiment still in the market, and other potential liquidations still in the pipeline, it’s not at all certain that the bounce in the crypto market will contain much vigor.

A downward sloping trendline that began on May 11 is one possible target. By the time the bitcoin price reaches it again it could be at around $25k. If there is no rejection here, then perhaps we could see bitcoin returning to test the previous $29,000 to $30,000 major support, which has now flipped into resistance.

Bitcoin Bounce Bringing Back the Life in Cryptos

Bitcoin’s small bounce has also brought the altcoins back to life, however temporary a time that may be. Ethereum has bounced a nice 30% over the last 3 days or so, and has climbed back above a very long upward sloping trendline that began way back in early March of 2020.

Where the price right now at $1,150, also coincides with a retaking of the 78.6 Fibonacci level. This is therefore very strong support for ethereum, and an incredibly important level to hold. $1,400 is the next target to the upside, with $1,700 above that.

Among the altcoins that have also reacted strongly is LINK. The number one oracle play has risen over 40% since its bottom, and it’s now sitting at the $7.35 resistance. Consolidation above this level might see it go higher to $9.60, which could be the next target.

MATIC, layer 2 for ethereum, has also bounced back around 40%. It’s now hit a resistance that was formed back in April of 2021. Should it manage to consolidate above, then the 78.6 fib beckons from above at a price of $0.63, which would equate to nearly a third increase.

Zilliqa (ZIL) fell to its June 2020 support and has bounced back strongly since then, recording a more than 50% rise. It has since lost about 10% of that. However, a return to its own 78.6 fib level would mean an 85% rise overall.

Nevertheless, all eyes remain on bitcoin, and should the king of the cryptocurrencies continue to move up strongly, then some of the fundamentally strong cryptocurrencies could take advantage and post even higher gains.

Read More: Bitcoin is Mainly Used in Underground Economy for Illicit Activities, Said, Ben Bernanke

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• Six months into 2022 and the crypto industry has been hit by several blows.
• NFTs and crypto projects were victims of a catastrophic exploit that is reminiscent of the dark days of 2017.
• Optimists are hopeful for better days in the second half of the year

2022 is started with a lot of promise by the investors from the crypto. But with the six months down the lane, the crypto fairytale is turning down into the sweet nightmare that nobody wants to see, at least after the sunny and shiny days. 

By the end of 2021, crypto prices were surfing at all-time highs with global market capitalization. Within the arm’s reach of $3 trillion. Bitcoin had touched $68,000, and enthusiasts made valiant predictions. The prediction was about the asset that would breach the $100,000 mark within the first two quarters of 2022.

Furthermore, 2022 rolled by, but the predictions did not come through. Instead, the industry was rocked by one scandal after another that shaved off a chunk of value from the cryptocurrencies. 

Crypto Worst Yeat and NFT are also the Victims

Non-fungible tokens (NFTs) were the first to fall victim after OpenSea, the largest NFT marketplace, suffered a bug exploit leading to the loss of several pieces.

Since then, transaction volumes for NFTs have fallen by over 50% from the highs of 2021, leading pundits to wonder if the bubble had burst. 

A recent survey by DEXterlabs revealed that over half of NFT investors were yet to make a profit from their investments.

Things went from bad to worse when TerraUSD (UST), the third-largest stablecoin, de-pegged from the dollar. The aftermath was chaotic as investors lost billions of dollars. Even the entire Terra ecosystem imploded under the weight of the tragedy. Investigations by regulatory agencies were carried out. These regulators have threatened the worm of negligence that threatened to put the entire industry at loggerheads with regulators.

Read more: Why is Crypto Crashing and Will It Recover?

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The bitcoin prices have lost a whopping 26% over the last few weeks and 18 month low of $20,193 on June 15. Since then, it is gaining a little composure. Even though the price is returning to $22,344. However, the asset remains in the doldrums, down 67% from its all-time high.

The director of the Global macro at the investment giant Fidelity, Jurrien Timmer, has been looking into the price-earnings ratio (P/E) for Bitcoin. Since it is not a company, this equates to a price/network ratio.

Furthermore, according to the charts, the ratio has returned to similar levels during the cycle peaks of 2013 and 2017. Fidelity summarized the situation by introducing that valuation is often more important than the price”. 

Bitcoin Price and Valuation

Usually, a P/E ratio is used in conventional finance to value the company by measuring the present share price that is relative to its earnings per share. However, this doesn’t work for the crypto, so the price usually gets measured against the network activity. 

The same way of looking at it is the network to value the ratio of the transaction (NVT) as depicted by technical analyst Willy Woo.

Also, Timmer added that another way to highlight it is by overlaying Bitcoin’s non-zero addresses against its price.

Flow model, he then showed how oversold the asset was at the moment. Bitcoin has not been this oversold since the capitulation events in 2011, 2014, and 2018.

This could be an indication that we are very close to the bottom of this market cycle. Also, this week’s massive selloff may have been the final flush-out.

Final Miner Capitulation For the Bitcoin Miners

There is one additional factor that could cause a final leg down, similar to the one in the 2018 market crash – Bitcoin miners.

Miners have been moving BTC to exchanges at record levels this week. CoinMetrics also reported that there was an all-time high in dollar terms with a net $1.94 billion worth of BTC sent to exchanges yesterday. This equated to a record 88,000 coins in just one day.

Miners need to offload the asset to cover their increasing power expenses and remain in business for the crypto winter. This mass liquidation could cause another big dump, echoing the over 80% drawdowns that occurred in previous cycles.

If this happens, Bitcoin prices could realistically fall to around $12,000 very quickly, which would mark an 82% retreat from peak levels. Castle Island Ventures partner, Nick Carter, explained the forces behind this miner liquidation event in a recent tweet.

Read More: NFT Market Suffers in Crypto Meltdown!

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It is noticed by a significant drop in floor prices for some of the biggest collections in the NFT market.

In the recent crypto meltdown, the NFT market has taken a hit!

The floor prices for many of the most valuable NFT collections have tanked along with Bitcoin and Ethereum, with the entry price for some collections dropping by more than 17%.

Here the “floor price” refers to the cheapest piece available on the secondary market. It’s a popular metric for determining the value of NFT collections. 

What Different NFT Data Shows in the Crypto Meltdown?

According to NFTGo data, the floor price for Bored Ape Yacht Club NFTs is down 12.57% in the last 24 hours, falling from around 84 ETH to 73.43 ETH. Meanwhile, the floor price for Moonbirds, one of the standout collections of the year, has plummeted to 14.88 ETH, down 17.33%. Interestingly, CryptoPunks has come out relatively unscathed, with the price for the cheapest Punks falling only 2.67% at the time of writing.

Furthermore, as NFT specialist punk9058 pointed out on Twitter earlier today, OpenSea has seen its wrapped ETH (wETH) trading volume as a percentage of total volume reach a yearly record of 0.2%. wETH trades frequently occur when sellers accept low bids on their assets, indicating that holders may have sold in panic in search of liquidity during the weekend downturn. 

The NFT market has been suffering from the broader crypto meltdown this year. While a handful of collections have defied the downward trend at different points, with Bored Ape Yacht Club leading after topping $430,000 on May 1, the market has struggled to hold up in the latest crash. At a 73.43 ETH floor price, with ETH trading at around $1,260, the cheapest apes are now going for about $92,450. That’s a 78.5% drop from the peak.

Note: These prices may vary later.

Read More From This Week: Why is Crypto Crashing and Will It Recover?

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If you are a regular investor in the crypto market, then you must know that crypto market capitalization has continued to crash. The crypto market is now sitting at $1.04 trillion, with a decrease of more than 8% in the last 24 hours. 

Furthermore, almost every principal cryptocurrency was in the red at the time of scripting. There are prices for many dropping by more than 11% and establishing new lows in the previous 24 hours.

Also, the dominance of the top currencies has decreased by nearly 0.5 percent to 47.20 percent of the overall crypto market. 

Speaking of Bitcoin, the BTC price has tumbled by a staggering 17.02% over the past week.  At the time of writing, ETHER is trading. 

At the time of writing, Ethereum is trading at roughly $1350, a drop of more than 14 months. Further, SOLANA has dropped by almost 30% and is floating around the $29 mark. 

According to experts, the cryptocurrency’s price drop suggests a declining risk appetite among investors. They are very cautious of risky investments. It is one of the most volatile investments due to its unpredictability and volatility.

Meanwhile, the overall currency market capitalization increased by 31.35 percent to $94.56 billion in the last 24 hours at the time of scripting. It signifies the investors’ substantial sell-off of digital assets. DeFi’s market share volume in crypto was $7.76 billion, 8.2% of all crypto trading volume. The stable coin market had a value of $82.21 billion, 86.94% of the entire cryptocurrency market’s 24-hour turnover.

Why Is Crypto Crashing?

Bitcoin is trading at $25,762.63 as of writing, down from its all-time high of nearly $68,000. Central banks’ interest rates have been hiked, as a result of which cryptocurrency trading has decreased, and their values have fallen. Consider this: Bitcoin’s year-to-date return is down 40%, whereas Ethereum’s is down 50%.

Here’s what experts have to say about the cause of the market drop

“The crypto market has been under pressure from the Federal Reserve, hiking the interest rates to combat inflation over the past few months. Bitcoin, Ethereum, and most currencies suffered losses over the weekend after a broad sell-off following the data showing US inflation hitting a 40-year high,” said Edul Patel, Co-Founder and CEO of the crypto investment platform Murex.

Read More: Crypto Crash – There is nothing to Panic about, we have seen this before!

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Gavin Wood, the co-founder of Ethereum says that investors of crypto and Pokadot should be more aware about what is backing the holdings subsequent to the market rout. That wiped $800 and above billion off the value.

We should know about Polkadot Crash and Crypto Crash

It always suggested that the people should always pay more attention about what is mainly belying of currency name. Gavin also mentions about sidelines of World Economic Forum. Crypto firms, Polkadot firms and blockchain firms also are highly visible at the gathering of business with the political leaders. Inspite of market plummeting in the value in weeks that is leading up to an event, with 8^th biggest Luna coin getting virtually worthless.

The polkadot crash and crypto crash has made people much aware about learning the new ways and understanding about the crypto and altcoin market. The mBlockchains are mainly the public ledgers which maintains the proper records of transactions for computer networks and with the cryptocurrencies.

Internet does not have any real concept for legality, as it is something which well determined by the sovereign nations. Latest partnership aimed for the control of decentralizing of web and offering the users additional control of the data. Also, technology might not prevent people to commit mistakes. It may help those who wish to understand some facts better. It helps the people and the investors to help with a better understanding about the crypto industry. The points to known while having an investment.

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